Infosys’ Balakrishnan makes way for new CFO

Bangalore : IT bellwether Infosys Ltd will have its vice-president (finance) Rajiv Bansal as the new chief financial officer (CFO) from Nov 1 in place of its board member V. Balakrishnan, who relinquishes the post after six years at the helm of the company’s finances.

Bansal, who joined the global software major in 1999, has been heading the company’s finance section under Balakrishnan over the past four years.

“As one of the finest CFOs in the country, Balakrishnan led his team in setting new standards in financial reporting, corporate governance and compliance. A top performer, he successfully managed a high quality financial model, which withstood the pressure of the current economic downturn,” Infosys co-chairman Kris Gopalakrishanan said in a statement here Friday.

In his new role, Balakrishnan will head the company’s business process management (Infosys BPO) services, India business unit and its flagship banking product ‘Finacle’.

“In line with his belief that younger people should get strategic opportunities to shape the company, Balakrishnan has voluntarily given up his CFO position and chosen to focus on the back office operations (business process outsourcing) and other two verticals,” Gopalakrishnan noted.

The company’s India business unit, however, accounted for 1.6 percent (Rs.158 crore) of its total revenue (Rs.9,858 crore) for second quarter (July-Sept) as against two percent in first quarter (April-June) of this fiscal (2012-13) and 2.2 percent in same period year ago.

Infosys BPO posted revenue of $111 million in the quarter under review (Q2) as against $109 million in first quarter (Q1) of this fiscal (FY 2013) and $90 million in same quarter year ago.